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Report: Homeowners may be in for break in 2014 for rising insurance costs

By: Mark Williams

The Columbus Dispatch - January 06, 2014 12:22 PM

Homeowners may finally get a break this year on the rising cost of insuring their home.

SNL Financial reports that insurers are gradually backing off demands for higher rates in 2014
as consumers have been less willing to renew coverage that has become much more expensive.

Homeowner insurance rates began to rise dramatically in Ohio and other states following several
years of costly natural disasters that hurt insurers' profits.

Higher rates combined with a mostly calm 2013 have gone a long way to restoring the profits of
insurance companies.

SNL says if insurers can't raise rates, they are doing other things instead they will allow
profits to continue to grow, steps that still may mean consumers have to pay more to protect their
home. For example, insurers are making it more difficult for homeowners to qualify for a claim,
especially for damaged roofs.